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Indices edge lower, breadth positive

Published on Sep 16, 2022 09:32

The key equity indices are trading with modest losses in early trade on a bit of a selling pressure in index pivotals. Negative global cues dampened the investors sentiment. The Nifty traded below the 17,800 level. Realty, consumer durables and PSU bank stocks advanced while IT, auto and FMCG shares were under pressure.

At 09:30 IST, the barometer index, the S&P BSE Sensex, was down 324.54 points or 0.54% to 59,609.47. The Nifty 50 index shed 100.40 points or 0.56% to 17,777.

In the broader market, the S&P BSE Mid-Cap index fell 0.14% while the S&P BSE Small-Cap index rose 0.04%.

The market breadth was positive. On the BSE, 1,396 shares rose and 1,327 shares fell. A total of 126 shares were unchanged.

Foreign portfolio investors (FPIs) sold shares worth Rs 1,270.68 crore, while domestic institutional investors (DIIs), were net sellers to the tune of Rs 928.86 crore in the Indian equity market on 15 September 2022, provisional data showed.

Stocks in Spotlight:

Adani Ports and Special Economic Zone (APSEZ) rose 0.14%. The company has signed concession agreement to develop Berth no. 2 at Haldia Dock Complex (HDC) in Bengal. APSEZ will design, build, finance, operate, maintain and manage the bulk terminal with capacity of 3.74 million tons per annum for a concession period of 30 years. The estimated cost of the project is Rs 298 crore.

UPL added 0.85%. The company announced a joint venture with CleanMax Enviro Energy Solutions (`CleanMax`), a Mumbai-based renewable energy company, to establish a hybrid solar-wind energy power plant in Gujarat, India. The project will result in UPL using renewable energy to fulfil 30% of its total power consumption needs globally. The captive project will lead to carbon abatement of 1.25 Lakh tonnes of co2 equivalent per annum.

Indusind Bank gained 1.33%. The private lender has approved the reappointment of Sumant Kathpalia as the managing directorate and chief executive officer for three more years subject to the RBI`s approval by the board of directors of the bank at its meeting.

Tata Metaliks rose 1.73%. The company inaugurated phase-I of expansion project of ductile iron (DI) pipe plant at Kharagpur. This Rs 600 crore expansion project will take the company`s ductile iron pipe plant capacity to over 4 lakh tonnes per annum in two phases. The new plant is one of the most advanced DI pipe plants with high levels of automation & robotics to make the operations safe and efficient. This new plant will help the company expand its product range and enhance its presence in the fast-growing water infrastructure space that is witnessing a major thrust by the Govt of India through its Jal Jeevan Mission scheme.

Global Markets:

The US Dow Jones index futures were down 180 points, indicating a negative opening in the US stocks today.

Asian shares declined on Friday as investors digest U.S. economic data and China`s industrial production and retail sales figures for August.

US stocks declined overnight as traders absorbed an ugly earnings warning from FedEx. Dow dropped 173 points, or 0.56%, for its lowest close since July 14. The Nasdaq Composite slid 1.43%, while the S&P 500 fell 1.13%.

Shares of FedEx plunged 15% in extended trading after the shipments company withdrew its full-year guidance, and said it will implement cost-cutting initiatives to contend with soft global shipment volumes as "macroeconomic trends significantly worsened."

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